Banco Bilbao Vizcaya Argentaria S.A. Grows Stock Position in ServiceNow, Inc. $NOW

Key Points

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Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 7.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 24,580 shares of the information technology services provider's stock after buying an additional 1,770 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in ServiceNow were worth $19,530,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOW. GAMMA Investing LLC increased its holdings in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. Nuveen LLC acquired a new position in shares of ServiceNow in the first quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after purchasing an additional 877,875 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NOW. Piper Sandler increased their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Sanford C. Bernstein reissued an "outperform" rating and issued a $1,003.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Canaccord Genuity Group cut their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. cut their price objective on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insiders Place Their Bets

In other news, Director Paul Edward Chamberlain sold 300 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $860.00, for a total value of $258,000.00. Following the transaction, the director owned 9,886 shares in the company, valued at $8,501,960. This trade represents a 2.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Anita M. Sands sold 428 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total value of $433,825.08. Following the completion of the transaction, the director owned 10,891 shares in the company, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,038 shares of company stock valued at $5,971,973. 0.38% of the stock is owned by corporate insiders.

ServiceNow Stock Up 2.7%

Shares of NOW opened at $890.73 on Tuesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock's 50 day moving average is $964.30 and its two-hundred day moving average is $932.15. The firm has a market cap of $185.27 billion, a P/E ratio of 112.18, a PEG ratio of 3.91 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the company earned $3.13 earnings per share. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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